Credit Life Insurance

Good day We would like to make a query regarding the above mentioned account. We have received a document dated on 15 April 2020 with the heading Interest rate decrease.

We were perturbed to see the changes that are being made on our bond account without our knowledge. The life cover has been removed from our account without any clarity.

I called in to the call centre and the Fnb housing agent told me that the life cover was cancelled in January because we’ve ceded our Fnb bond to 1Life direct.

My question is why did Fnb decide to cancel it now? to our knowledge we’ve paying for this insurance regardless that we’ve ceded our bond to an alternative insurance company. Secondly did Fnb perhaps think of the reason why we took this additional cover for our bond before they could cancel it? I hope this matter can be clarified at the soonest convenience and hope for a speedy response.